Crypto market: stabilization or short-term hiatus

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Crypto market: stabilization or short-term hiatus

Today, the dynamics of the cryptocurrency market is relatively stable, and most coins were even able to partially recover their value. However, analysts believe that the bottom has not yet been reached and a new collapse may follow a short-term correction..

After «burning» yesterday’s rebound throughout Wednesday, the crypto market is trying to recover lost positions, but at the time of this writing, the bitcoin (BTC) rate is at $ 4490. Most prices are following the leader, and ripple (XRP), although it was able to relatively calmly endure the general decline, but due to the introduction of a large number of new coins into circulation, it also plummeted..

Technical analysis suggests oversold, but overall trend remains bearish.  According to analysts, if the price of bitcoin manages to rise above the $ 5,200 retaliation, the trend will be broken. However, if it falls below $ 4,200, the path will open to the psychological level of $ 4,000, and after overcoming it, the downward dynamics will remain up to $ 3500.

Many experts believe that the bitcoin rate has not yet reached the bottom, which is in the $ 3500-4200 range. Some predict that in the short term, BTC could lose 80% of its value before consolidation begins. The negative investor sentiment is also confirmed by the increase in trading volume in the last 72 hours..

The market expected a new boom on the Bakkt platform ahead of the December launch of the Intercontinental Exchange Bitcoin futures, but the operator announced the postponement.

text: Ivan Malichenko, photo: Shutterstock, 3.404content